Increased living rates 'may encourage people to rent flats in London'
News that the cost of running a home has dropped could encourage people to look to rent property in London.
Over the last two years the expense of looking after a property has dropped by six per cent, saving the average family £544 a year, according to statistics released by Halifax on June 26th.
As the housing market begins to pick up and many mortgage lenders look for at least a 25 per cent deposit, people could start to opt for renting flats instead in a bid to capitalise on the reduction of housing costs.
With interest rates staying low and the Bank of England base rate unlikely to rise by more than 0.25 per cent at any one time, the cost of living has come down over the last couple of years despite the financial turmoil.
Another sign that the economy and housing market are recovering is the drop in the number of homes repossessed during the first quarter of 2010.
The Financial Services authority reported an 11 per cent drop in the number of homes repossessed, the lowest figure in two years.
By harles Mackay
Published 29th June, 2010
© 2010 Estates IT Limited
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